CC SR 20160301 F - City Cash Balance ReportRANCHO PALOS VERDES CITY COUNCIL
AGENDA REPORT
AGENDA DESCRIPTION:
MEETING DATE: 03/01/2016
AGENDA HEADING: Consent Calendar
Consideration and possible action to discuss the January 2016 monthly report of cash
balances
RECOMMENDED COUNCIL ACTION:
(1) Receive and file the January 2016 Monthly Report of Cash Balances for the City
of Rancho Palos Verdes.
FISCAL IMPACT: None
Amount Budgeted: N/A
Additional Appropriation: N/A
Account Number(s): N/A
ORIGINATED BY: Jane Lin, Accountant _?(—
REVIEWED BY: Deborah Cullen, Director of Finance
APPROVED BY: Doug Willmore, City Manager %*0.
-�l
ATTACHED SUPPORTING DOCUMENTS:
A. Monthly Report of Cash Balances (page A-1)
BACKGROUND AND DISCUSSION:
This report summarizes the cash activity associated with all funds of the City for the
month of January 2016. A separate report is prepared monthly for the Improvement
Authority and is presented under separate cover before the Authority Commission.
The overall cash balances of the City totaled $64,171,113 at January 31, 2016. Cash
increased by $3,618,833 during the month. Compared to the same period last year, the
cash balance increased by almost $1 million. The major variance to last year was due
to the timing of disbursements in General Fund and Equipment Replacement Fund.
Other increases included $474,879 received from County of Los Angeles for a pass-thru
to the Palos Verdes Peninsula Land Conservancy (PVPLC) and $43,970 revenue
received from various refuse haulers companies. The overall cash balance increase is
described below. These factors are discussed in detail below for each fund
experiencing a noteworthy cash event (defined as more than $50,000 and 5% of the
cash balance in a particular fund). The sum of five Funds which will be discussed below
increased by $3,342,000. The remaining amount of $276,000 in increase was
contributed by various funds, which were within the threshold.
1
General Fund — The cash balance in this fund increased by more than $3,000,000
during the month. The increase was primarily the result of receipt of the January
property tax revenue of $2,932,549. Historically, December and January are two
months in which the City receives most property tax revenues. The January property
tax revenue is approximately 25% of the FY15-16 property tax budget.
Employee Benefits Fund — The cash balance in this fund decreased by more than
$134,000 during the month. The most significant factor of decrease was the
disbursements for the City's share of employee insurance premiums totaling $86,181.
Street Maintenance Fund — The cash balance in this fund decreased by more than
$109,000 during the month. The decrease was primarily due to the fact that the
January Highway User Tax was not received until February, while normal operating
expenditures were disbursed.
Proposition A Fund — The cash balance in this fund increased by more than $55,000
during the month due to receipt of the January Proposition A apportionment. The
Proposition A fund pays for the Palos Verdes Peninsula Transit Authority (PVPTA)
contribution. Disbursements for that contribution are only made twice per year in
August and January; however, the second disbursement is not processed until March
2016.
Habitat Restoration Fund — The cash balance in this fund increased by more than
$476,000 during the month. The City received $474,879 from the County of Los
Angeles Regional Park and Open Space District for a pass-thru to PVPLC for its
maintenance and services expenses from 2011-2015 in the Portuguese Bend Nature
Preserve. Public Works Staff assisted PVPLC in applying for the reimbursement
through the Los Angeles County 2015-2016 Maintenance & Servicing Excess Funds
Program.
2
CITY OF RANCHO PALOS VERDES
MONTHLY REPORT OF CASH BALANCES
JANUARY 2016
(1) All LAW interest is paid quarterly
(2) Electronic Disbursements:
Payroll
Bank
of the West
OPERATING
Malaga
Bank
OPERATING
PETTY CASH LAIF-CITY
INVESTMENT
CDARS
TOTAL CASH
YTD INT
RECEIVED
BEGINNING BALANCE
6,554,054.01
3,804,901.14
3,000.00 47,990,324.42
0.00 2,200,000.00
60,552,279.57
2,857.21
PLUS: DEPOSITS
5,316,453.63
5,316,453.63
PLUS: INTEREST EARNINGS(1)
572,299.73
4,930.93
45,402.56
572,794.73
50,333.49
130,578.09
LESS: CHECK DISBURSEMENTS
(1,177,714.27)
20,451.00
12,838.15
23,385.439.12
(1,177,714.27)
0%
LESS: ELECTRONIC DISBURSEMENTS(2)
(569,970.50)
2,808.00
53,854.73
3,182,886.63
(569,970.50)
2%
ADJUSTMENTS(3)
(268.89)
0.00
0.00
899.00
(268.89)
0%
PLUS: TRANSFERS IN
1,059,738.76
524,164.17
5,000,000.00
925,710.82
5,000,00000
13%
LESS: TRANSFERS OUT
(5,000,000.00)
547,918.17
724,884.99
28067,730.30
(5,000,000.00)
1%
ENDING BALANCE
5,122,553.98
3.809.832,07
3.000.00 53,035,726.98
0.00 2,200,000.00
64,171,113.03
130,578.09
(1) All LAW interest is paid quarterly
(2) Electronic Disbursements:
Payroll
448,617.44
CalPers
75,95023
ICMA&HSA
27,719,84
Retirement Health Savings Withholdings
10,520.78
Sales Taxes
2,863.00
Flexible Spending Accounts
1,442.00
Bank and Merchant Fees
2,857.21
Restricted by Council Action
569,970.50
(3) The net adjustment was due to void checks and other deposit adjustment.
% Change of
Change In Cash Balance
BALANCE Ending Cash from Previous
CASH BALANCES BY FUND FORWARD DEBIT CREDIT CASH Balance Month -End
Unrestricted
GENERAL FUND
12,508,681,70
4.400.685.86
1,347,150.83
15,562.216.73
3,053,535.03
24%
Restricted by Council Action
BEAUTIFICATION FUND
572,299.73
495.00
0,00
572,794.73
495.00
0%
CIP
23,377,826.27
20,451.00
12,838.15
23,385.439.12
7,612.85
0%
EQUIPMENT REPLACEMENT
3,233,933.36
2,808.00
53,854.73
3,182,886.63
(51.046 73)
2%
BUILDING REPLACEMENT
899.00
0.00
0.00
899.00
0,00
0%
EMPLOYEE BENEFITS
1,059,738.76
524,164.17
656,192.11
925,710.82
134,027,94)
13%
Subtotal
28,244.697.12
547,918.17
724,884.99
28067,730.30
(176.966.82)
1%
Restricted by Law or External A envies
STREET MAINTENANCE
1,363,461.16
4,324.72
113,502.56
1,254,283.32
109,177.84
8%
1972 ACT
146,06638
25,905.48
0,00
171,971,86
25,905.48
18%
EL PRADO
23,787.47
254.26
0.00
24,041.73
254.26
1%
CDBG
2,02836
000
5,310.56
3,282 20
(5.310,56)
100%
CDBG-R
0.00
000
0.00
000
0.00
0%
1911 ACT
1,694,621 79
61.485.89
27,589.21
1,928,518.47
33,696.68
2%
SOLID WASTE
491,302.19
44,399.38
6,399.81
529,301 76
37,999 57
6°h
AIR QUALITY MANAGEMENT
91,197.52
8000
0.00
91,277,52
80.00
0%
PROPOSITION C
513,921.97
46.763.00
0.00
560,684.97
46,763.00
9%
PROPOSITION A
324,281.41
56,25174
41176
360,121 39
55,839 98
17%
PUBLIC SAFETY GRANTS
100,697,56
18.318.16
0.00
119,015.72
18,318.16
18%
MEASURE R
1,394,384.39
35,933.39
0.00
1,430,317 78
35,933 39
3%
HABITAT RESTORATION
1.523,868.13
476,213.00
0.00
2,000,081.13
476,213 00
31%
SUBREGION 1 MAINTENANCE
843,906.28
732.00
4,843.13
839,795.15
(4,111.13)
07A
MEASURE A MAINTENANCE
83,023.89
11.00
0.00
83,034.89
11.00
0%
ABALONE COVE SEWER DISTRICT
103,243.72
6,587.90 _
1,011.67
110,819 95
7,57623
7%
RPVTV
000
0.00
0.00
0.00
0,00
0%
GINSBURG CULTURE ARTS BUILDING
85,493.31
86.00
0.00
65,579 31
8600
0%
DONOR RESTRICTED CONTRIBUTIONS
871,645 91
753.00 1
0.00
872,398.91
75300
0
QUIMBY
2,209,388.23
1,890,00
0.00
2,211,278.23
1,89000
0%
LOW -MODERATE INCOME HOUSING
50,763.96
40.00
0.00
50,803 96
4000
0%
AFFORDABLE HSNG IN LIEU
585.049.13
505.00
0.00
585.554.13
505.00
0%
EET
348,536.72
3,97900
0.00
352,51512
3.979.00
1%
MEASURE A CAPITAL
7,44411
0.00
000
7,440.11
0.00
0°k
BIKEWAYS
96.52
0.00
000
96.52
000
0%
UNDERGROUND UTILITIES
0.00
0,00
0.00
0.00
400
0%
ROADWAY BEAUTIFICATION
0.00
0.001
0.00
0.00
0.00
0%
WATER QUALITY FLOOD PROTECTION
5.845.196.50
137,961.83
13,658,65
5,969,499.68
124,303.18
2%
REDEVELOPMENT OBLIGATION RETIRE
439,716-52
4,573.00
0.00
444,289.52
4.573.00
17%,
IMPROVEMENT DISTRICT 9
0.00
0.00
0.00
0.00
0.00
0%
SPECIAL TRUSTS
455,781.62
27,657.50
41,712 65
441,726.47
14,055 15)
3_%
Subtotal
19,798,900.75
956.705.25
214,440.00
20,541,168.00
742,265.25
4%
GRAND TOTAL
60,552,279.57
5.905.309.28
2,286,475132 1
64,171.113.03
3.618,633.46
6%
Total Investment: 64,171,113.03
A-1
CITY OF RANCHO PALOS VERDES
SUMMARY MONTHLY REPORT OF CASH BALANCES
JANUARY 2016
Issuer of Acquisition Maturity Market Par Book
Investment Investment Date Term Date Value Value Value Yield
NOTE:
(1) See footnote on the summary page
(2) LAIF market values will be reported to vary from book value if the City calculated share of total LAIF assets is less than the
City book value,
To the best of my knowledge, there are no misstatements of material amounts within this report;
or omissions of material amounts to cause the report to be misleading.
I certify that this report accurately reflects all City investments and complies with the investment policy of the City
of Rancho Palos Verdes as approved by the City Council, Furthermore, I certify that sufficient investment liquidity
and anticipated revenues are available to meet the City's expenditure requirements for the next six months.
Respectfully submitted,
Treasurer Dated
A-2
Bank of the
Checking Accounts
West
N/A
N/A
On Demand
$
5,122,554
N/A
$
5,122,554
0.00%
Checking Accounts
Malaga Bank
N/A
N/A
On Demand
$
3,809,832
N/A
$
3,809,832
0.30%
Petty Cash
N/A
N/A
N/A
On Demand
$
3,000
N/A
$
3,000
0.00%
State of
Local Agency Investment Fund (LAIF-CITY) California
N/A
N/A
On Demand
$
53,035,727
N/A
$
53,035,727
0,45%
CDARS - Malaga Bank
Malaga Bank
12/24/2015
26 weeks
6/23/2016
250,000
$
250,000
0.30%
Banco Popular
de Puerto Rico -
IBC
12/24/2015
26 weeks
6/23/2016
244,500
$
244,500
0.15%
Iberiabank
12/24/2015
26 weeks
6/23/2016
216,500
$
216,500
015%
Univest Bank
and Trust Co.
12/24/2015
26 weeks
6123/2016
244,500
$
244,500
0.15%
Western
Alliance Bank
12124/2015
26 weeks
6/23/2016
$
244,500
$
244,500
0.15%
Citizens
National Bank
3/26/2015
52 weeks
3/24/2016
$
243,500
$
243,500
0.35%
Ever Bank
3/26/2015
52 weeks
3/24/2016
$
230,633
$
230,633
0.35%
Flegstar Bank,
FSB
312612015
52 weeks
3/24/2016
$
243,500
$
243,500
0.35%
Parke Bank
3/26/2015
52 weeks
3124/2016
$
243,500
$
243,500
0.35%
Porsperily Bank
3/26/2015
52 weeks
3/24/2016
11,867
$
11,867
0.35%
The Park
National Bank
3/26/2015
52 weeks
3/24/2016
$
27,000
$
27,000
035%
Total Investment:
$ 64,171,113
Total Investment Weighted Average Return
04%
NOTE:
(1) See footnote on the summary page
(2) LAIF market values will be reported to vary from book value if the City calculated share of total LAIF assets is less than the
City book value,
To the best of my knowledge, there are no misstatements of material amounts within this report;
or omissions of material amounts to cause the report to be misleading.
I certify that this report accurately reflects all City investments and complies with the investment policy of the City
of Rancho Palos Verdes as approved by the City Council, Furthermore, I certify that sufficient investment liquidity
and anticipated revenues are available to meet the City's expenditure requirements for the next six months.
Respectfully submitted,
Treasurer Dated
A-2